New Deadline for 1099-MISC with Non-Employee Compensation

The new deadline for 1099-MISC reporting non-employee compensation (NEC) is 31 January 2018. For 1099-MISC not reporting NEC, the electronic deadline is 31 March 2018. To avoid failure to file penalties and remain in compliance with the IRS, contact me for assistance.

The use of form 1099-MISC is most common for small business owners who have paid an independent contractor for a service (e.g., web design, photography, legal advice). If you paid someone any of the following during 2017, you need to issue them a 1099-MISC so they can properly report your payment as income. 

  1. at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
  2. at least $600 in:
    • rents;
    • services performed by someone who is not your employee;
    • prizes and awards;
    • other income payments;
    • medical and health care payments;
    • crop insurance proceeds;
    • cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
    • generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
    • payments to an attorney; or
    • any fishing boat proceeds

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